answersLogoWhite

0

Individuals are required to report income to the IRS if they earned over $600. Even a sixteen year old may be served a stiff penalty for failing to report the income for the year that he made it.

User Avatar

Wiki User

10y ago

What else can I help you with?

Related Questions

Is national scouting report a good job?

yeah totally! it makes you over hundred thousand dollars!


Which section of the income statement does not report net of income taxes or net of income?

Trading account statement does not report net of income taxes or net of income.


What is the per capita income of Scotland?

According to the Scottish Economic Statistics Report, the per capita income in 2005/2006, the most recent period for which data is available (as of November 2010), was £12,805. At the current conversion rate, this is the equivalent of $20,721.81 US dollars. By comparison, the per capita income in the United States for 2006 was $37,698.


Do you need to report a schedule K-1 on your income tax if you received no income?

Yes. You need to report.


Do you have to report federal tax refunds as income?

No. Refunds are portions of your income which were already reported but were nontaxable. You do not have to report any income more than once.


Where do I report hobby income on my 1040 tax form?

You report hobby income on line 21 of your 1040 tax form under "Other Income."


Does a nonresident of Indiana have to report interest income from Indiana Certificate of Deposits on Indiana Tax Report?

No, but you may have to report it as income on your own state's tax forms.


Do you have to report federal tax refunds as income the next year?

No. Refunds are part of your income which you already reported. You do not have to report any income more than once.


Do you have to report 1099 income under 600 on your taxes?

Yes, you are required to report all 1099 income on your taxes, regardless of the amount.


Do you have to report interest income under 10 on your taxes?

Yes, you are required to report all interest income, regardless of the amount, on your taxes.


Do you need to report income tax losses?

You need to report everything relate to money on your income taxes. This includes gains and losses. If you don't report this stuff you could get audited.


Where do you report 1099 income on your 1040 tax form?

You report 1099 income on your 1040 tax form on Schedule C if you are self-employed, or on Schedule E if you have rental income or are receiving income from royalties or partnerships.